Comments on: With Or Without Bailout, Tough Times Ahead
Recession Likely; Higher Unemployment, More Bank Failures Possible, Financial Experts Warn
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- Our cowboy President and his cronies have set us on a road that will take years and years to correct. A vote for John McCain means that many things will stay the same and we can''t survive four more years of this. I think we will all be amazed ten years from now when we are more privy to what has actually gone on. This is not the America of the past. It is much worse in so many ways. I hope we can start again to rebuild our reputation not only in the world but with our own people. People are disillusioned and they should be.
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- Bill%u2019s FDIC bailout plan:
If liquidity is what the market needs, why not take the bailout money and put it in Indy Mac, which is controlled by FDIC. The $350 billion could be loaned out to banks, etc. at 22 to one to give the market seven trillion dollars of liquidity and the interest income could go to the taxpayers or a liquidity fund.
FDIC employees would receive their normal wages and benefits, but no million dollar pay packages, stock options or golden parachutes. This would create a competing bank that would provide liquidity without any giveaways to the banks and other institutions that created the current mess while filling their pockets. The stranglehold that Wall Street has on the nation%u2019s economy could be loosened and the competition would force overpaid executives out of a job.
The advantage of FDIC lending would be FDIC could look at anything they want and would do so periodically, keep all information in confidence as they currently do and set interest rates for the loans based on the same factors that they now used to rate banks. A one-rated, bank or company would receive a lower interest rate than a three-rated bank or company.
The interest made on the loans could be put into a fund and memberships fees could be charged to build up the fund and eventually remove all taxpayer money.
Bill Vaughn - Reply to this comment
- That''s right, reward the thieves for stealing the chickens by cooking them a chicken dinner. Smart!
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- Yeah, well, with or without bailout the recession will likely still happen. But without it how will the Wall Street fatcats weather the tough times ahead?
- Reply to this comment
- Bill%u2019s FDIC bailout plan:
If liquidity is what the market needs, why not take the bailout money and put it in Indy Mac, which is controlled by FDIC. The $350 billion could be loaned out to banks, etc. at 22 to one to give the market seven trillion dollars of liquidity and the interest income could go to the taxpayers or a liquidity fund.
FDIC employees would receive their normal wages and benefits, but no million dollar pay packages, stock options or golden parachutes. This would create a competing bank that would provide liquidity without any giveaways to the banks and other institutions that created the current mess while filling their pockets. The stranglehold that Wall Street has on the nation%u2019s economy could be loosened and the competition would force overpaid executives out of a job.
The advantage of FDIC lending would be FDIC could look at anything they want and would do so periodically, keep all information in confidence as they currently do and set interest rates for the loans based on the same factors that they now used to rate banks. A one-rated, bank or company would receive a lower interest rate than a three-rated bank or company.
The interest made on the loans could be put into a fund and memberships fees could be charged to build up the fund and eventually remove all taxpayer money.
Bill Vaughn - Reply to this comment
- This bailout is about saving Wall Street and international bankers butt''s before the inevitable very deep recession hits. Once again they want Americans of modest means to bail their greedy mfcking overcompensated usury loving butts out while we lose our lifeboat.
Before you listen to the media or politicians on this bailout, understand fully that your interests are being served by protecting Wall Streets interests.
The USA could really stand some freezing of credit, because that is what the Money Changers and usurists have used to put the USA into the hole. - Reply to this comment
- MCCAIN DID NOT TRY TO REGULATE FANNIE/FREDDIE. THESE ARE MORE MCCAIN LIES.
2 years ago, McCain BELATEDLY cosponsored this "dead" bill on regulation. He then did nothing else to revive it or bring it back up for consideration.
S.190 - A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.
Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005)
Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
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COSPONSORS(3)
Sen Dole, Elizabeth [NC] - 1/26/2005
Sen Sununu, John E. [NH] - 1/26/2005
...time passes...
7/28/2005 (the date of this bill''s LAST activity)
Sen McCain, John [AZ] - 5/25/2006
10 MONTHS after anyone touched the bill, McCain blew the dust off it and cosponsored it. He didn''t do anything to push it forward, and the bill never saw any more activity in the Senate.
That seems to demonstrate a serious lack of leadership. It also continues the pattern of McCain stretching the truth, distorting the facts and outright lying to get elected. "Journalists" need to do their jobs here. Explode this MYTH. McCain has not stood for deregulation. The google the name name RICK DAVIS and that should help you find some links.
http://www.4thoffense.com/deregulation.html - Reply to this comment
- Not one dime for these thieves!! Bush and Gang have looted and collapsed the Banking system and now want to reward the thieves with $700 Billion now and another $500 Billion early next year.Only a fool cant see the next Wall Thieves Street Welfare Assistance Check coming. Collapse the system AND get paid for doing it,what a deal.
Paulson worked as Chairman and CEO of Goldman Sachs,now he gets to cut his friends some checks.The Banks will need to have ZERO CASH RESERVES WITH THIS PLAN.Only a fool or a thief would run a business with zero cash reserves.Let these thieves corrupt business model die and don''t stand under the buildings on Wall Thieves Street!!!They now urinate on us from the front. - Reply to this comment
- MCCAIN DID NOT TRY TO REGULATE FANNIE/FREDDIE. THESE ARE MORE MCCAIN LIES.
2 years ago, McCain BELATEDLY cosponsored this "dead" bill on regulation. He then did nothing else to revive it or bring it back up for consideration.
S.190 - A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.
Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005)
Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
--------------------------------------------------------------------------------
COSPONSORS(3)
Sen Dole, Elizabeth [NC] - 1/26/2005
Sen Sununu, John E. [NH] - 1/26/2005
...time passes...
7/28/2005 (the date of this bill''s LAST activity)
Sen McCain, John [AZ] - 5/25/2006
10 MONTHS after anyone touched the bill, McCain blew the dust off it and cosponsored it. He didn''t do anything to push it forward, and the bill never saw any more activity in the Senate.
That seems to demonstrate a serious lack of leadership. It also continues the pattern of McCain stretching the truth, distorting the facts and outright lying to get elected. "Journalists" need to do their jobs here. Explode this MYTH. McCain has not stood for deregulation. The google the name name RICK DAVIS and that should help you find some links.
http://www.4thoffense.com/mccain_deregulation.html - Reply to this comment
- im4honesty said, "If homeowners were offered a no-interest loan of up to $100K and then the mortgage holders were offered a one time chance to renegotiate to a payoff equal to 65% LTV (loan-to-value) plus up to $100K at a ''market'' interest rate, those lenders would minimize their losses and the taxpayers would enjoy a return considerably greater that 50% of the investment...
"At $100K per family in trouble, $700 billion would help seven million families and save their homes.
"In reality, the average amount needed per family would probably be more like $50K... 14 million families would have their lives turned around.
"Plus, no golden parachutes for the thieves that caused this mess in the first place."
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My reply-- All good ideas, and far better than the $770 billion demand we got from the same Wall Street bozos whose greed and deceit caused this disaster.
Wall Street is not "too big to fail", and urgently needs a lesson in responsibility. The congress we sent to Washington must protect the citizens of this country and our interests-- not Wall Street.
Unfortunately, we do not need a congressional insider to tell us the GOP is pulling for the bankers to come out smelling like roses-- once again, at our expense.
Why don''t you phone your congressman, talk with his legislative staff chief, and see what you can get started? - Reply to this comment
- Do they have a Crystal Ball ?
Recession Likely; Higher Unemployment, More Bank Failures Possible, Financial Experts Warn
Experts,huh,looks like BS,if you can predict the future,go to Las Vegas, try craps,you smell like it. - Reply to this comment
WELFARE FOR THE RICH?
In the current market melt-down, not one problem is attributable to "big government" or "oppressive regulations standing in the way of business prosperity". So much for supply-siders who preached-- somewhat fatuously-- the job of government is to stay out of the way of business.
As it turns out, the Laffer tribe tried to foist the biggest fiction (lie) of all on the American people-- that their own government is the enemy, and all America needs is a good dose of lessez faire and everything will be better.
Apparently not, from all indications.
Abruptly, we find the stage miraculously cleared of familiar, if buffoonish, free-market evangelists. And where, oh, where, are the advocates of the so-called "free market" now?
Most embarrassingly for Bush and his party, remember the "tough love" these GOP bozos love to talk about when it comes to Americans who cannot afford health care, or who must choose between buying food, gasoline or paying their heating bills? Where is their prescription for tough love, now, when Bush asks for a taxpayer handout for Wall Street?
(see "Welfare for the Rich?"--2)- Reply to this comment
- WELFARE FOR THE RICH?--2
Welfare for the rich is called a "rescue", but a rescue for the the poor or middle class is called "welfare"? Don''''t ask Bernanke for a famiy values sermon from Wall Street on honor and trustworthiness and personal integrity-- Wall Street has none. And Bernanke, himself, plays by rules imposed by the very players he is supposed to regulate-- after all, Bush has told him they are too big to fail.
Speaking of privilege, perhaps we should ask, where is the tax revenue Bush gave the "HaveMores"-- that slim 5.5 percent segment of taxpayers Bush called his political "base"? Just at the moment Bush fiscal policy erupts in a four-alarm blaze, we learn Bush has drained the treasury reservoir dry to throw a party for his friends.
At this point, we might do well to wonder whether these GOP-aligned, "free-market" bozos ever properly identified themselves. Why have they gone into hiding, if not to escape the firestorm their lies helped create?
(see "Welfare for the Rich?"--3) - Reply to this comment
- WELFARE FOR THE RICH?--3
Their principal deception portrays government as an enemy of the public interest. But in stark and factual contrast, a government in a truly functional democracy is not enemy, but instrument of the people it is charged to serve.
Most interestingly, when the GOP found itself in power, it not only expanded "evil" government for its own ends, but created the most monstrous governmental debt this nation ever has seen.
It seems the GOP cannot get even its own message straight. Consider taxation. The GOP free market bozos regard taxation, at best, as a necessary evil because (as they remind everybody) there is no free lunch.
Yet, Bush and McBush regard taxes as an UNnecessary evil, and promise to refrain from taxation. They appear the odd men out, for most (even conservative) fiscal experts continue to insist taxation is an essential part of a rational fiscal policy. It goes along with the truism about "no free lunch".
Taxation is only a means to an end-- not intrinsically good or evil. For example, two major tax increases by Clinton were almost immediately followed by a surge in economic growth. This puzzled supply-siders to distraction.
(see "Welfare for the Rich?"--4) - Reply to this comment
- WELFARE FOR THE RICH?--4
Two major tax cuts by Bush-- most of it to a small minority of taxpayers-- were almost immediately followed by absolutely nothing. A disappointed Bush was left empty-handed, plaintively assuring everybody who would listen the economy is actually much better than it seemed.
By now, most Americans realize the next president must restore our fiscal policy to a semblance of rational order. After eight years, Bush tax cuts have not worked as any kind of effective, coherent stimulus for the economy.
It is abundantly clear the standard Bush modus operandi has been to avoid tax increases and simply postpone them to the next administration. That is called "borrowing with interest", and already Bush has nearly doubled the national debt. With his $700 billion appropriation request, he may well make it-- but at our expense.
Bush (Shrub) never forgot the humbling experience of his father, forced to recant his famous line, "Read my lips! No new taxes!" So Bush does the emotional but not rational thing, dismissing taxes like a drunk tosses his house keys away when he cannot find the right one.
(SEE "Welfare for the Rich?"--5) - Reply to this comment
- WELFARE FOR THE RICH?--5
Now Bush wants American taxpayers to give him another boost-- on top of his spendthrift ways with Iraq, monstrous national debt and lavish Bush gifts to his friends (the tax cuts given primarily to his political "base", the wealthy 5.5 percent of taxpayers).
Bush wants a $700 billion check-- just like that.
And Bush has a simple plan for that check-- to pass along our money to the very Wall Street players which are responsible for the crisis.
It''''s clear direct action is long overdue for the disastrous Bush economy, but Bush''''s blank check proposal is nowhere near the answer.
Barack Obama laid out key principles for dealing with this situation. Obama''''s main point: Main Street must be put ahead of Wall Street, and no blank check for the Bush Administration. http://www.barackobama.com/issues/fiscal
Congress needs to hear from the public. - Reply to this comment
- Have you noticed? Everything Bush touches turns to ashes-- or worse!
After more than eight months in office, our Master of Disaster made his debut atop a pile of rubble at Ground Zero-- and then ignored WTC health claims of rescue workers for years.
Bush celebrated an Iraqi "mission" never justified by fact, glad-handing sailors aboard a carrier steaming slowly off war-torn San Diego.
A wannabe president whose dereliction of duty inclodes gazing down at post-Katrina New Orleans from 20,000 feet-- as he flew on and over to California to greet McCain on McCain''s birthday.
A wannabe whose record of telling the truth is not ready for prime time, and whose last assurance was the economy continues in sound health. - Reply to this comment
- Exactly analogtwin! Heaven forbid Americans start saving and paying cash for stuff instead of acting like spoiled brats with the "I want it NOW" attitudes!! I would highly recommend everyone to read Dave Ramsey''s books and attend a Financial Peace University course. Forget the bailout....that''s just what this country needs-more americans acquiring even more debt with "credit." NOT!! This country''s economy would actually flourish if we started paying with CASH and quit borrowing! WAKE UP AMERICA!!
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- Forget about all of the hyberbole here, the American economy can weather even this storm without a bailout. It''s been a long time coming and now it''s time for debt-ridden America to pay up and begin a new fiscal future and a new philosophy of fiscal responsibility
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Mike Huckabee on GOP "rock stars," 2012, health care reform and more.
